Odds are the chances of something taking place. For example, The Zimbabwe Sables beating the All Blacks is given high odds, while the Bokke beating Namibia is given low odds. Your stake affects your odds of winning, as well as the amount you are likely to win. Multiply your stake by your odds to determine your potential winnings.
For example, if you bet R100 on the Lions to win the Currie Cup, and they have 3.3 odds of winning, then you can potentially win R330. If they were to lose, your stake would be lost.